Singapore Exchange - Phillip Securities 2024-02-05: FICC Revenue Support Growth

• Singapore Exchange (SGX)'s 1HFY24 revenue of S$592mil was slightly below our estimates, at 45% of FY24e, while adjusted PATMI of S$251mil was below our estimates, at 42% of FY24e. The variancecame from higher-than-expected FICC revenue offset by lower Equities – Cash and Equities – Derivatives revenue. 1HFY24 dividend increased by 6% to 17 cents (1HFY23: 16 cents).
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• FICC grew 28% y-o-y, led by continued growth in commodity and currency derivatives volumes, higher OTC FX revenue, and higher treasury income. Equities revenue fell due to a decline in trading and clearing, and listing revenue, offset slightly by higher treasury income.

The Positives

Treasury income continues to climb.

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• Notably, 1H24’s treasury income contributed 20% to PBT, similar to the contribution in full-year FY23.

FICC – Currency and commodities surges.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-02-07 Singapore Exchange 1HFY25 Results - Dividends Disappoint Despite Earnings Surge.

Price targets by 5 other brokers at SGX Target Prices.

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SGX Dividend Payout Dates & Corporate Actions,
SGX News